One of the biggest hurdles we face as a business owner is figuring out how to overcome pricing challenges. How much should we charge?!
“So here’s the next problem that a lot of ADHD-preneurs and neurotypical preneurs also struggle with. They fear raising their rates because they’re worried that it’ll set expectations even higher for their performance to which I say, what’s the problem with that? ” – Katie McManus, Brave Business CoachingIn the latest episode of “Business Strategy For Weenie ADHD-preneurs (weeniecast)”, host Katie McManus talked us through the importance of actually figuring out what we’re worth so we can overcome pricing challenges in our service offerings.
Get the pricing right. Your business depends on it!She points out that this is the only way we can charge the prices that will help us sustain our businesses. An ADHD entrepreneur may have real difficulty figuring out how to overcome pricing challenges when it comes to our services, and they can often worry that raising rates is going to lead to setting expectations too high. And this is something she welcomes with open arms. Remember! You’re providing a valuable service and you should charge what you are worth. And if your pricing is too low, clients may not take your business seriously. Or worse still, they may feel like you’re being unkind to them. (You’ll need to listen to the episode to learn why….
So how do we overcome pricing challenges?…When trying to overcome pricing challenges, make sure to research the market and find out what other similar businesses are charging. You can also use this information to determine what would be an appropriate rate for your services. Oh, and always consider the costs associated with running your business such as materials, overhead expenses, taxes, etc, and factor these into your pricing structure. Finally, don’t be afraid to raise your rates when necessary. If you are able to provide more value or have more experience than before then it’s totally reasonable to adjust your prices accordingly. Remember that charging higher prices can help establish yourself as an expert in the field and attract higher-paying clients. Katie talks you through a really easy way of comfortably raising your prices, during this episode. Prefer reading to listening? Here’s a link to a written to be read transcript of the episode. And here’s an excerpt from it.
“I’m very straight up that I cannot offer a guarantee because I can’t guarantee that my clients are going to do the work.
My answer is this is why I charge so much.
Because I used to charge less and people would sign up and they wouldn’t do the work. Me charging the amount that I do is actually a benefit to you because you’re far more likely to have some skin in the game when you’re paying this much.
And if you have skin in the game, guess what you’re going to do. You’re going to follow through on your commitments to me. You’re going to have some accountability.
You’re going to do the work. Results lay on the other side of work. The closest way you can give a guarantee is by charging a lot of money to get clients to be committed to doing the work, because they’ve paid a lot of money for it.
Now, let’s talk about how you figure out your pricing.
Now, if you want to download a very simple guide to figure out your pricing, I have a link in the show notes to the money map for coaches and consultants.
You want to go and download that.”